NEW YORK (TheStreet) -- Shares of Ocean Power Technologies(OPTT) - Get Report  are rising 48.2% to $9.47 this afternoon on heavy trading volume after the company reported 2016 fiscal year earnings.

For the fiscal year ended April 30, the company reported revenue of $700,000 and a net loss of $13.1 million, as compared with fiscal 2015 revenue of $4.1 million and a net loss of $13.2 million.

"As we begin fiscal 2017, we continue to take important steps toward our commercialization efforts," CEO George Kirby said in a company statement.

The company recently deployed a new version of its PowerBuoy off the coast of New Jersey. The PowerBuoy is the company's venture into the field of wave-power generation.

The PowerBuoy acts as a piston, generating power as it rises and falls.

Ocean Power Technologies is a Pennington, NJ-based energy company seeking to harness renewable ocean wave energy. Over 5.22 million shares of the company's stock have traded so far today, vs. the stock's average volume of 1.57 million shares per day.

Separately, TheStreet Ratings rated this stock as a "sell" with a ratings score of D-.

The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity and generally disappointing historical performance in the stock itself.

You can view the full analysis from the report here: OPTT

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

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